Tax Rates & Allowances 2014/15

National Insurance

2014/15 Class 1 (employed) contracted in rates

Employee Employer
Earnings per week % Earnings per week %
Up to £153 Nil* Up to £153 Nil
£153.01 - £805 12 Over £153 13.8
Over £805 2    
*Entitlement to contribution-based benefits retained for earnings between £111 and £153 per week.

Class 1A (employers) 13.8% on employee taxable benefits
Class 1B (employers) 13.8% on PAYE Settlement Agreements
Class 2 (self-employed) flat rate per week £2.75
small earnings exception p.a. £5.885 p.a.
Class 3 (voluntary) flat rate per week £13.90
Class 4 (self-employed) 9% on profits between £7,956 and £41,865 plus 2% on profits over £41,865